How to Risk It All & WIN like a BOSS!
Entrepreneurs deal with risk daily. In fact, taking risks is probably what got you to this point. The biggest risks stand to bring the greatest rewards, but failing to properly assess possible impacts to your business is like entering into a potentially dangerous situation blindfolded. Ideally, you want to have as much information as possible to understand what you’re getting into before deciding.
Here, 12 experts from Forbes Coaches Council look at the most vital pieces of information entrepreneurs need to weigh to determine whether or not a project or investment is worth the risk.
Consider These Three Factors
Entrepreneurs are often risk-takers by nature. It takes a lot of guts to even be an entrepreneur. Thus, taking risks often comes naturally to an entrepreneur. But how can you best evaluate risk? Many factors may apply, but perhaps foremost are those answered by these questions: Will the risk will advance your cause? If not, could it be a loss leader for future growth? And most importantly, does it feel right? - Ash Varma, Varma & Associates
Consider The Risk Of Not Taking Action
Evaluate the risk and reward, and also consider the risk of not taking the action! I also think it is really important to consider your mindset. Are you acting out of fear, doubt or uncertainty? If so, it might be a brash move. If you are operating out of hope and the possibility of moving toward your vision, chances are you'll be able to be resilient, even if it doesn’t work out as planned. - Kimberly Roush, All-Star Executive Coaching
Aim To Minimize The Impact Of Failure
If you're taking a big risk, make sure to minimize the impact of potential failure. Prototypes exist for a reason. Use ethnographic research, consumer testing and continuous iteration to get a product or service out fast and keep refining it real time. Avoid creating things in a magical black box only to find that, when you finally reveal them, no one is actually interested. Create, test, iterate. - Tonya Echols, Vigere
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